CFTC INSTITUTES PROCEEDINGS AGAINST WILLIAM KOERNER
ANDIV GREAT RIVER CORP. -- BOTH OF VERO BEACH, FLORIDA -- ALLEGING
FRAUD AND SIMULTANEOUSLY SETTLES THE CHARGES

WASHINGTON -- The Commodity Futures Trading Commission (CFTC) has
entered an Order Instituting Proceedings, Making Findings and Imposing
Remedial Sanctions against William Koerner of Vero Beach, Florida,
and IV Great River Corporation (GRC), a Delaware corporation
controlled by Koerner and also located in Vero Beach. Koerner and GRC
consented to the entry of the order. Koerner has not been registered with
the CFTC in any capacity for the past 15 years; GRC has never been
registered with the CFTC.

The CFTC order, filed on January 23, 1998, finds that from April 1995
until at least June 13, 1996, Koerner, through IV Great River Corp.,
defrauded at least one customer, who invested $40,000 with Koerner through
GRC, after Koerner made material misrepresentations and omissions regarding
the probability and magnitude of profits and risk of loss associated with
futures and options trading.

In its order, the CFTC accepted Koerner's and GRC's offer of settlement,
in which they neither admit nor deny the findings in the order.
Specifically, the order contains findings that Koerner and GRC violated
Sections 4b(a), 4(d)(1) and (2), 4k(1) and 9(a)(1) of the Commodity
Exchange Act, and Sections 1.20(c), 1.33, 1.55 and 3.12 of the CFTC's
regulations.

The CFTC order: 1) prohibits Koerner and IV Great River Corp from
committing similar violations in the future; 2) bars both entities from
trading on or subject to the rules of any contract market; and 3) directs
all contract markets to refuse them trading privileges.

Though finding that Koerner's and GRC's violations warrant both
restitution and a civil monetary penalty, the CFTC, on the basis of the
respondents' financial condition, determined not to impose either
sanction.